Jens O Parssons in the Dying of Money: Lessons of the Great German &
American Inflations (Wellspring Press, 1974, p.71) best describes the initial
ignorance, early warning signs and final consequences of inflation.

"Everyone loves an early inflation. The effects at the beginning of
inflation are all good. There is steepened money expansion, rising government
spending, increased government budget deficits, booming stock markets, and
spectacular general
 prosperity, all in the midst of temporarily stable prices.
Everyone benefits, and no one pays. That is the early part of the cycle. In the
later inflation, on the other hand, the effects are all bad. The government may
steadily increase the money inflation in order to stave off the latter effects,
but the latter effects patiently wait. In the terminal inflation, there is
faltering prosperity, tightness of money, falling stock markets, rising taxes,
still larger government deficits, and still roaring money expansion, now
accompanied by soaring prices and ineffectiveness of all traditional remedies.
Everyone pays and no one benefits. That is the full cycle of every
inflation"